Metinvest Group is set to raise salaries for employees of its Ukrainian businesses by 10% on average from 1 October 2018.
The company is going to increase salaries for skilled repairmen and technologists by 15%, for production workers and foremen by 10%, and for administrative staff by 7%.
This year, Metinvest has already revised salaries, and employees had a 20% average increase in pay in April. Overall, the Group’s expenses for raising the payroll fund have made about UAH 2.2 billion in 2018.
Metinvest Group CEO Yuriy Ryzhenkov:
“We raise salaries for our employees whenever the company’s financial situation allows. Every year, the salary rise at Metinvest outruns the inflation in the country significantly. It means that we are interested in stable jobs and incomes of our employees. Our goal is to increase salaries for Ukrainian steel workers. We have been operating successfully in the international market for a long time and we use income level in the countries of Eastern Europe as a benchmark. This is the only way to sustain competitiveness in the labour market."
According to the State Statistics Service of Ukraine, the average salary across the country is UAH 9,170. Industrial workers earn UAH 9,861 and mining and metals workers receive UAH 13,282 on average. Following the salary increase, Metinvest’s employees will earn 73% more than the national average, 61% more than the industry average, and 20% more than the sector average.